empty
 
 
03.01.2012 10:57 AM
GBP/JPY Elliott wave count and Fibonacci levels for January 3, 2012

GBP/JPY is moving down within impulse wave C (colored light green in the chart) from 122.71. Within this wave we have five subwaves (colored red in the chart), and subwave 5 is developing from 119.99. The immediate supports are Fibonacci expansions off 127.25-119.31-122.71, 122.71-121.54-122.21, 122.21-119.21-119.99.

Supports:

- 118.14 = contracted objective point (COP)
- 117.80 = COP
- 116.99 = objective point (OP)

If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 122.71-118.94.

Resistances:

- 120.38 = .382 retracement
- 120.82 = .50 ret
- 121.27 = .618 ret

This image is no longer relevant

Overbought/Oversold

Assuming that the major wave is now moving down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (current prices) or into the overbought area (15-20 pips above the current prices), watch for entries short at the indicated resistances.

Read more on how to trade with Fibonacci levels.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback